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Texas Financier R. Allen Stanford Convicted in $7 Billion Fraud

R. Allen Stanford

By Allan Lengelticklethewire.com

All the riches in the world, and no where to go but prison.

A fed jury in Houston on Tuesday convicted wealthy Texan R. Allen Stanford,61, on 13 of 14 counts that involved allegations that he ran a $7 billion fraud through an offshore bank, the Houston Chronicle reported. Family members wiped away tears as the verdict was read, according to the paper.

The conviction is likely to keep him behind bars for quite a while.

The charges included conspiracy, fraud, obstruction and money laundering. The counts of which he was found guilty carry total penalties of 230 years.